AT&T Closes on Atlantic Tele-Network Acquisition and 2 Other Dow Movers to Watch
AT&T Inc. (NYSE:T): Current price $34.22
AT&T has closed on its $780-million purchase of the wireless phone operator Atlantic Tele-Network Inc., which operates under the Alltel brand. The network, with 590,000 subscribers, covers roughly 4.5 million primarily rural residents in Ohio, Georgia, Idaho, Illinois, North Carolina and South Carolina. AT&T will start upgrading the network and will introduce its “4G LTE” service in former Alltel areas by late next year. The giant telecom said Friday that it expects to show growth in its smartphone base by 1 million in the third quarter, with higher smartphone upgrades than the year prior to this, and then a year-over-year decline in upgrades in the fourth quarter.